Partnership helps Armenian firms foster inclusive growth
Armenian firms have faced considerable challenges in the last year related to the impacts of the war in Ukraine, and the resulting rise in food and energy prices. The lingering uncertainty added to the need to diversify market risks, which has increased the demand for services of business support institutions like the Armenian Export Center. While the Armenian economy has significant potential for export growth, the path to harnessing new opportunities requires effective partnerships and access to the right resources.
According to estimates by the International Trade Centre (ITC), Armenia could benefit from $368 million of room for additional export growth by 2027 across EU markets.
“The EU and the EaP (Eastern Partnership) countries account for 25% of Armenian trade. However, this trade is relatively concentrated in terms of products and destinations,” said Senior Trade Information Officer Paul Kelly. “This signals unexplored possibilities for diversification in the markets of EU and other EaP countries. By exploring these potential opportunities, Armenian trade to the EU could grow by 50% (300 million euros) over the next five years.”
New digital platform, in Armenian
Making the most of new business opportunities required reliable, robust trade and market information. To help firms understand their options and consider possibilities in new markets, ITC and the Armenian Export Center have joined forces to organize virtual events to help firms explore new opportunities using a free digital platform available in Armenian. On 24 March, Armenian firms and business support organizations participated in a virtual workshop on the Eastern Partnership (EaP) Trade Helpdesk.
This digital platform enabled businesses to assess the economic attractiveness of EU and EaP markets for their product, as well as understanding the costs and requirements of doing business in each market.
“Operating as ‘single window’ for Armenian producers to enter international markets, the Armenian Export Center considers the EaP Trade Helpdesk an important tool which provides crucial information which every firm needs for entering a new market,” said the center’s General Director Ruzanna Malkhasyan.
Based on a data-driven market entry plan, the Armenian Export Center can provide further coaching and assistance that firms need to leverage new opportunities based on the new markets identified.
About the project
The EaP Trade Helpdesk Programme is a four-year programme funded by the European Union and launched in 2019, aims to foster economic growth through boosting trade within the Eastern Partnership as well as with EU markets. Implemented by the International Trade Centre (ITC), the project has created an integrated digital trade platform available in Ukrainian and is also working to collect data on relevant regulations, services trade, as well as export-related procedures for key products.